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Old Today, 09:29 AM
 
71 posts, read 1,859 times
Reputation: 116

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My prenup is about 18 inches thick.
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Old Today, 09:37 AM
 
Location: Central Connecticut
429 posts, read 273,654 times
Reputation: 965
Quote:
Originally Posted by ysr_racer View Post
When my father died, guess who he left a lot of things to? My mother, but she died five years earlier. It's always best to talk to an attorney when things change.

Our paperwork says, "any surviving grandchildren" so if our kids have more kids, they're included in the distribution.
My father died last September, and his assets were distributed in accordance with his will. My mom had passed away three years earlier. After she died, I took care of his finances, as well as many day-to-day things.

I was able to help him put all of us kids as beneficiaries on his bank accounts and IRA, but he wanted to just let his life insurance go to the “estate.” Of course, his estate went to us kids, but not putting a beneficiary made the transfer less seamless after he passed.

A couple of weeks ago, I received a letter from John Hancock saying he had another life insurance policy that I didn’t know about. The beneficiary was his mother, who died at least 35 years ago! I wonder how old the policy is, considering my mom wasn’t the beneficiary.

Last edited by Loriact; Today at 09:38 AM.. Reason: Typo
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Old Today, 09:40 AM
 
Location: Rust'n in Tustin
2,365 posts, read 2,479,893 times
Reputation: 4468
Quote:
Originally Posted by Chaminade View Post
My prenup is about 18 inches thick.
So is my next future ex-wife
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Old Today, 09:41 AM
 
Location: USA
131 posts, read 15,625 times
Reputation: 133
Quote:
Originally Posted by RationalExpectations View Post
It may be in your best interest to establish a trust PRIOR to the purchase of the home, and then buy the home inside the trust. Best to talk to an estate planning attorney.

Thank you for the advice. I will look into it. It mainly will all go to my husband if I die first. We don't have any children. I have to research wills vs. trust. Been going through probate from my Mom who had a will but its required that it go through probate. Long process. Will have to look into options for my own. Thank you
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Old Today, 09:45 AM
 
Location: Sylmar, a part of Los Angeles
4,076 posts, read 2,603,042 times
Reputation: 8784
I have a living Trust, it was a lot of work to complete. I think a lot of people who start to get one never complete it.
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Old Today, 10:11 AM
 
1,483 posts, read 712,115 times
Reputation: 4720
Quote:
Originally Posted by ysr_racer View Post
Most retirees don't have to worry about taking care of their kids, their kids are probably taking care of them
Not necessarily. It seems like more kids are moving back in with their parents, these days.
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Old Today, 10:30 AM
 
Location: Central IL
15,262 posts, read 8,676,994 times
Reputation: 35759
I really need to get a Special Needs Trust set up for my sister. She is developmentally delayed, has other mental health issues and several physical issues as well. I've procrastinated because of various projects with my house for the last few years but I can't delay much longer. We're only in our mid-50's but I know I shouldn't be tempting fate.

I worry about finding a good lawyer, the cost for setting it up, and ultimately the cost of maintaining it after I'm gone - no family to help out and no friends close enough or young enough.
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Old Today, 11:45 AM
 
348 posts, read 95,133 times
Reputation: 909
I'm in that 'stuck in the middle' generation where I AM taking care of my parents, and still have kids in college.

I am SO GLAD my parents had a trust set up, Durable Power of Attorney, and Advanced Health Care Directives in place and current.

The whole process of where I'm at would be SO MUCH worse if they didn't - it's bad enough as it is with all the phone calls, and paperwork. But I shudder at the thought of them not having all this in place.

Strong motivation for me to get all my s**t taken care of as well.

Not having your affairs in place with a plan and several layers of contingencies is being selfish for those you leave behind.

Sure, you'll be dead so what do you care; but your surviving family will curse you for the stress and agony you put them thru trying to sort out your affairs. Shame.
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Old Today, 11:55 AM
 
Location: Western Colorado
11,152 posts, read 12,590,640 times
Reputation: 26454
As I DO NOT want my stuff to go to the state of Colorado, I have a will and a person who is the gatekeeper of my stuff if I ever die.
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Old Today, 12:00 PM
 
Location: Central Mexico and Central Florida
7,129 posts, read 3,516,845 times
Reputation: 10247
With TOD's and POD's you no longer need either.
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